The GBP/USD pair attracts some dip-buying after filling the weekly bearish gap during the Asian session on Monday and climbs further beyond the 1.2500
psychological mark, hitting a fresh daily top in the last hour. Spot prices currently trade around the 1.2520-1.2525 area, up nearly 0.50% for the day, and for now, seem to have snapped a four-day losing streak, though any meaningful recovery from a three-month low touched last Thursday still seems elusive.
Data released over the weekend showed that China’s consumer price inflation rose back into positive territory in August, while the Producershrank at a slower pace than seen throughout the year. This raises hopes that the the world's second-largest economy was stabilizing after a substantial drop this year, which, along with expectations for additional stimulus from China boost investors' appetite.
Traders might also refrain from placing aggressive bets and prefer to wait on the sidelines ahead of this week's important macro releases from the UK and the US. The UK jobs report is due on Tuesday, which will be followed by the monthly UK GDP report and the latest US consumer inflation figures on Wednesday. Apart from this, traders will confront the release of the US Producer Price Index on Thursday.
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